Prior research has attributed the lack of direct impact of IT investment on firm performance to knowledge management (KM) strategy and learning orientation. In this paper, we formulated and empirically tested their intermediary roles on the causal link between strategic alignment types and firm performance using subjective and objective measures on growth and innovation. Based on a sample of 160 (out of 200 listed) Jordanian public shareholding companies, our findings indicated that firms that aligned IT to realize business strategy as a productivity lever and simultaneously pursued explicit KM strategy and oriented their learning and work activities towards exploitation positively predicted accounting-based performance. Whereas firms that aligned IT to realize business strategy as an innovation lever and simultaneously pursued tacit KM strategy positively predicted market-based performance.